Standard & Poor’s upgrades Saudi Arabia’s rating .. with a ‎‎“Stable” outlook

Standard & Poor’s announced in a statement today, Friday, its decision to upgrade the credit rating of Saudi Arabia to A / A-1, explaining the decision that it comes in light of the momentum of reforms and prospects for economic growth, and stated that the future outlook towards the Kingdom is “stable.”

The agency stated that the reforms Saudi Arabia has taken over the recent years have led to a structural improvement in the growth of the Saudi economy, as well as in budget and debt management.

According to CNBC, the credit rating agency indicated its expectations that the Saudi economy will continue to benefit from the Kingdom’s leading role as the largest single exporter of oil in the world.

Moreover, Standard & Poor’s expects the Kingdom’s banking sector to continue to be well capitalized.